After a person’s death, it is important for his family to distribute his assets in compliance with the law. This is relatively easy if the member had a clear record of his wealth and it was shared within the family. There are many factors that need to be considered in relation to the property.

property holding

If a property is held jointly, then on the death of one holder, the other person can hold the property after providing necessary documents to the concerned authorities. It is an easier way of holding assets and requires less effort to transmit the assets on the death of the joint holder. If the property is held in a single name, it is always better to have one Enrollment Registered for easy transmission.

Enrollment

Registered nominees can access the assets of the deceased with the help of minimal documents, such as a death certificate. Nomination can save the bereaved family a lot of trouble.

the legacy

After the final will is proved by the court through a probate, the assets of the deceased are distributed among the beneficiaries according to the will. If there is no will, the relevant succession law will determine how the relatives of the deceased will get the property.

religion of the deceased

The applicability of succession law depends on the religion of the deceased. Each religion has different rules for succession and the share of each member of the family is determined according to these rules.

things to note

• one person can make a private trust During his lifetime to decide how his assets would be disposed of after his death.
• It may be useful to seek advice from a legal advisor for succession planning.

Content on this page is courtesy of Center for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.